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Voluntary disclosure is the provision of information by a company's management beyond requirements such as generally accepted accounting principles and Securities and Exchange Commission rules, [1] [2] where the information is believed to be relevant to the decision-making of users of the company's annual reports.
Corporate transparency describes the extent to which a corporation's actions are observable by outsiders. This is a consequence of regulation, local norms, and the set of information, privacy, and business policies concerning corporate decision-making and operations openness to employees, stakeholders, shareholders and the general public.
Sustainability reporting refers to the disclosure, whether voluntary, solicited, or required, of non-financial performance information to outsiders of the organization. [1] Sustainability reporting deals with qualitative and quantitative information concerning environmental, social, economic and governance issues.
In the United Kingdom and in Australia, in relation to insurance, duty of disclosure refers to the obligation of the insured person or proposed insured person to disclose to the insurer every matter that he or she "know[s], or could reasonably be expected to know, is relevant to the insurers' decision whether to accept the risk of insurance" or to influence the terms offered.
The primary benefits of a voluntary disclosure typically include: Limitations of the prior look-Back period - Usually the look-back period is limited to between 3 and 5 years as opposed to having no statute of limitations if no return has ever been filed. However, for the offshore voluntary disclosure program, there is an 8-year look back ...
Ensuring the integrity of the corporation's accounting and reporting systems for disclosure, including the independent external audit, and that appropriate control systems are in place, in compliance with the law and relevant standards. Overseeing the process of disclosure and communications.
The confidentiality of sensitive business information is established through non-disclosure agreements, a legally binding contract between two parties in a professional relationship. NDAs may be one-way, such as in the case of an employee receiving confidential information about the employing organization, or two-way between businesses needing ...
The convention of disclosure requires that all material facts must be disclosed in the financial statements.For example, in the case of sundry debtors, not only the total amount of sundry debtors should be disclosed, but also the amount of good and secured debtors, the amount of good but unsecured debtors and amount of doubtful debts should be stated.
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